Endeavour International’s Stock Tanks – Why?
In 2011, Endeavour International, an independent energy company from Houston, TX, cut a deal with SM Energy for 50,000 Marcellus Shale acres, three producing wells and a pipeline in McKean and Potter counties in Pennsylvania (see Endeavour International Buys Lease for Additional 50K Marcellus Acres & Local Pipeline in PA from SM Energy). At the time Endeavour had around 33,000 Marcellus Shale acres. However, by the end of 2011, Endeavour backed out of the deal (see Endeavour Leaves SM Energy at the Altar, SM Ready to Sue). After two and a half years of litigation, the two sides settled in April, costing Endeavour $19.25 million (see Endeavour & SM Energy Settle Lawsuit over PA Marcellus Properties). However, Endeavour’s stock price continues to bump along at the bottom of the barrel–something that has them mystified…
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Range Resources built an open-air frack wastewater and brine impoundment in Amwell Township (Washington County), PA in 2009–the Jon Day Impoundment. At the time, they installed a monitoring system under the impoundment to alert them (and the PA Dept. of Environmental Protection) in case the impoundment–essentially a big pond with a rubber liner–sprung a leak. The monitoring system included 4-inch perforated pipes under the impoundment located inside trenches of gravel. The theory was/is if anything leaks, it will hit one of those pipes and come out the end. According to the DEP the monitoring system was “over and above” DEP requirements at the time. Unfortunately, the monitoring system somewhere along the way failed and the impoundment sprung a leak and now we have some 15,000 tons of “contaminated” soil which has nearly all been removed from the site…